IFS, Open Road, Auto Credit Express or Capital One

Dj4Money · ‎04-30-2015

I was just informed that SDFC is not interested in refinacing the car.

Both (Logix too) keep saying my FiCO (EX) score is 608. Experian says its 632, almost back to its pre-car search peak of 641.

AT&T fell off about a month ago, but high credit card balances knocked it back down. I am in a situation where I need cash and will take the savings of a refi now even if I won't get the best possible rate.

In that light, I will pay down my balances and let them report before trying again.

I think the main problem with the credit union is WFDS repo/charge-off, I can afford to wait but I rather not.

Anybody have experience with IFS, Open or Auto Credit Express or should I just go directly to Capital One, who just sent me a pre-approved GM Power Card in the mail today?

Creditaddict · ‎04-30-2015

pre-approved for GM card has nothing to do with getting a capital one auto refi but who is it with right now and what rate again?

what is your LTV on the car right now? under 120%?

Dj4Money · ‎05-01-2015

@Creditaddict wrote:
pre-approved for GM card has nothing to do with getting a capital one auto refi but who is it with right now and what rate again?
what is your LTV on the car right now? under 120%?

KBB is saying $12,8xx dealer trade and $13,8xx private party. 10 Day is $15,857 but that was before my payment on Tues.

@ Current loan is with Gateway One @ 18.25%

I know getting pre-approved for a credit card doesn't mean I would get approved for a refi or auto loan. I never said one had to do with the other I just thought I would mention it.

Creditaddict · ‎05-01-2015

@Dj4Money wrote:
@Creditaddict wrote:
pre-approved for GM card has nothing to do with getting a capital one auto refi but who is it with right now and what rate again?
what is your LTV on the car right now? under 120%?
KBB is saying $12,8xx dealer trade and $13,8xx private party. 10 Day is $15,857 but that was before my payment on Tues.

@ Current loan is with Gateway One @ 18.25%

I know getting pre-approved for a credit card doesn't mean I would get approved for a refi or auto loan. I never said one had to do with the other I just thought I would mention it.

so your at roughly 115%, make sure to read any companies refi LTV before even applying because many won't go over 100%.

Capital One I think is 120 but not sure if that's the same on refi.

Dj4Money · ‎05-01-2015

@Creditaddict wrote:
@Dj4Money wrote:
@Creditaddict wrote:
pre-approved for GM card has nothing to do with getting a capital one auto refi but who is it with right now and what rate again?
what is your LTV on the car right now? under 120%?
KBB is saying $12,8xx dealer trade and $13,8xx private party. 10 Day is $15,857 but that was before my payment on Tues.

@ Current loan is with Gateway One @ 18.25%

I know getting pre-approved for a credit card doesn't mean I would get approved for a refi or auto loan. I never said one had to do with the other I just thought I would mention it.

so your at roughly 115%, make sure to read any companies refi LTV before even applying because many won't go over 100%.
Capital One I think is 120 but not sure if that's the same on refi.

Yeah I did some rough math and it's under 120% but I wasn't sure how far under.

Thus far I am not finding LTV on some websites. Capital One used an example of 110% though they said it varies.

Creditaddict · ‎05-01-2015

If your verifiable income has changed then you might have some options.... But otherwise I think cap1 and credit unions are going to require verifying

Rick636 · ‎05-01-2015

I just refi for the 4 time and each time I go down 2%. This last one was IFS and it was very easy process. I think there best rate is 7%. Good luck.

Dj4Money · ‎05-01-2015

Income requirements is not a problem. It wasn't a problem when I got the car. Now with that said, IFS said I need to make $2,000 gross and I don't. But 25% of income comes out to $375 and my current payment is $363 @ 18.25%.

Putting that issue to one side -

If Tier 3 is scores between 589-659, the closer I get to 659 will help with interest rates. I can get that by paying down my balances which is easy for me to do, as I said I've been trying to hoard cash.

I'm just not sure I can get over 660 with WDFS and Midland still on there. WDFS is coming off in August I will ask for a early exclusion next month. I am starting to get Fair Credit card pre-approvals in the mail now, a Credit One showed up today.

There might be one way I can solve this issue, the key will be interest rates...

Creditaddict · ‎05-01-2015

@Dj4Money wrote:
@ Income requirements is not a problem. It wasn't a problem when I got the car. Now with that said, IFS said I need to make $2,000 gross and I don't. But 25% of income comes out to $375 and my current payment is $363 @ 18.25%.

Putting that issue to one side -

If Tier 3 is scores between 589-659, the closer I get to 659 will help with interest rates. I can get that by paying down my balances which is easy for me to do, as I said I've been trying to hoard cash.

I'm just not sure I can get over 660 with WDFS and Midland still on there. WDFS is coming off in August I will ask for a early exclusion next month. I am starting to get Fair Credit card pre-approvals in the mail now, a Credit One showed up today.

There might be one way I can solve this issue, the key will be interest rates...

if income is not a problem then you should go to Burbank City Federal Credit Union... They have fixed rates based on credit score once approved and they use TU.

Dj4Money · ‎05-01-2015

TU according to Captial One is 595, using the simulator it goes up to 620 by paying my balances. The reasons why I am getting denied for new car loans, used car loans or in-fact any loan from my two CU's is not because of income, it's because of WFDS charge off-repo whatever you want to call it. Where I have documentation that it's been forgiven.

Other factores (excuses) are inquiries and lack of credit.

Another factor is late payments on my school loan which happen back in 2010.

Would Burbank or even Los Angeles Employee Credit Union (which my father is a member) react differently?

I meet all of Capital One's requirements. At this rate all my finacial accounts might be with Capital One. I am already considering switching to 360...